Bitcoin Millionaire Tim Draper Advises Startups to Keep Bitcoin as a Hedge Against a 'Domino' Run on the Banks
Tim Draper, a venture capitalist and bitcoin millionaire, has included bitcoin as part of a series of cash management recommendations offered to startup founders. Draper recommended having at least two payrolls worth of cash in bitcoin or other cryptocurrencies to avoid being affected by bank failures like the collapse of Silicon Valley Bank (SVB).
How Many Bank Failures Will It Take for You to Consider Bitcoin?
The argument for owning Bitcoin strengthens as people worldwide watch major banks collapse. This may be a perfect time if you haven’t diversified into Bitcoin.
Credit Suisse Largest Shareholder Chief Calls Quit After Sparking A Debacle
Days after declining to further assist Credit Suisse Group AG amid erupting banking crisis, Ammar Al Khudairy, Chairman of Saudi National Bank decided to resign from his post. However, the Saudi National Bank is the largest shareholder of collapsed Credit Suisse.
Crypto Morning Briefing: Bankrupt Crypto Lender BlockFi Given Go-Ahead for Sale of $4.7M of Mining Rigs
ARK Invest Buys $18M Worth of Coinbase Shares As The Price Tumbles; Coinbase-Backed Decentralized Social Blockchain (DeSo) Revolutionizes with New Proof of Stake System
Banking Crisis Fuels Bitcoin To Surpass Visa and JPMorgan in Market Capitalization
Bitcoin’s (BTC) recent surge in buying pressure has attracted a significant inflow of capital amidst the chaos in the banking system, giving the asset an upward momentum and elevating its rank higher among investment products.
Deutsche Bank Shares Slump 10%
The domino effect triggered by the collapse of the Silicon Valley Bank reached the German multinational investment bank, Deutsche. Deutsche Bank AG (ETR: DBK) price dropped by around 10% in the trading market session. However, the digital asset market looked calm amid the erupting banking crisis.
U.S. Banking Crisis Could Present an Opportunity for Some Crypto Exchanges: JPMorgan
A number of fintech payment companies and offshore banks are trying to fill the void left by the collapse of Silvergate Bank, Silicon Valley Bank and Signature Bank in the U.S., but it will likely take time before new banking networks are established, JPMorgan (JPM) said in a research report Wednesday.
USDC Issuer Circle CEO Flags Risk Of USD Exposed To US Banks
Jeremy Allaire, Co-founder and CEO of Circle on Thursday, flagged off risk building around USD after the Silicon Valley Bank and other banks collapsed. This comes after Circle’s $3.3 billion of funds exposed to SVB were shifted out.
The Evolution of the Dapp Industry in Response to America’s Banking Turmoil
In conclusion, the collapse of SVB and Signature Bank has had a significant impact on the crypto industry, particularly the dapp ecosystem. The events of the past few weeks have highlighted the need for the industry to become more self-sufficient and less reliant on traditional banking infrastructure.
Investors Shaken by Banking Crisis Flock to Emerging Asia Bonds
Global funds seeking to ride out the recent volatility in financial markets have gravitated to an unlikely asset class: emerging Asian bonds.
